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How will merging of GST Return Filing & ITR Filing check tax evasion?

The mismanagement of the tax compliance procedure encourages the black money menace, something strips the State of its much-needed revenue and ultimately ruins the economy of the nation The only way to check the GST tax evasion integration of direct and indirect tax mechanisms for tracing GST defaults. In this regard, the Income Tax autho...

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Calculation of Marginal Relief in case of Individuals

Marginal Relief given to the assessee whose total income exceeds Rs. 50,00,000/- or Rs. 1,00,00,000/- as the case may be. So, a minor increase in income which exceed the specified limit and increase the tax liability to a huge extent. Relief: Marginal relief is provided to ensure that the additional income tax payable including surcharge ...

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All About Blockchain, ICO & Cryptocurrency Development

What is Blockchain? Through Blockchain one will digitally establish possession of currency, objects, and information. Sort of a regular dealings ledger, Blockchain could be a digital record of a transaction. The transaction will embody something sort of a movement of cash, purchase, and movement of products, service, information or some...

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Enable smooth operation of E-way Bill scheme: CBIC Chairman

D.O.No. 4/CH(IC)/2018 (21/07/2018)

Grievance Redressal Officers have been notified under the provisions of the E-way Bill Rules and they are required to provide prompt support to the trade and industry, including transporters. All Zones may hold outreach programmes to sensitize the trade and industry to enable smooth operation of the E-way Bill scheme....

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GSTR-1A: What it is and How to file

FAQs > GSTR-1A Q 1. What is GSTR-1A? Ans: GSTR-1A is an addendum to Form GSTR-1 i.e. Outward supplies statement of the supplier. It is always generated on the basis of details added/ modified/ rejected by the counterparty taxpayer (B2B Transactions) in their Form GSTR- 2/4/6. The details of these forms are then auto-populated to [&hell...

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Significant Beneficial Ownership under Companies Act, 2017

Section 90 of the Companies Act, 2013 read with Companies (Significant Benificial Ownership) Rules, 2018...

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AAR cannot decide on Questions of Zero rated supply / GST Refund

In re Esprit India Private Limited (GST AAR Haryana)

In re Esprit India Private Limited (GST AAR Haryana) i. Taxability of services provided by Esprit India to its associate concern in Hong Kong EDCFE under GST regime. The services provided by Esprit India to its associate concern in Hong Kong EDCFE are taxable supplies, as discussed in para 6 above ii. Whether the services […]...

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Registration of GST Practitioner- All you want to know

GST Practitioner is a tax professional who can prepare returns and perform other activities on the basis of the information furnished to him by a taxable person. However, the legal responsibility of such filings remains with the Taxpayer....

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Most Important task – Filling of Income Tax Return

Filling of Income Tax return on due date is one of the important task of each individual falling criteria in filling of income tax return. This is duty of every citizen as responsible citizen to file return within due date, as Direct tax is one of important source of revenue collection of Govt, base on this govt get data on collecti...

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Section 234F Fee for delayed Furnishing of Income Tax Return– When Leviable & When Not

According to the Section 234F of the Income Tax Act a fee for non filing (or late filing) of the Income Tax Return within due date prescribed under section 139(1) of the Act is leviable. The same is leviable in respect of the I T returns for the Assessment Year 2018-19 and onwards....

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